I've written about Brazil pre-Lula and post-Lula and spent the last five years covering all aspects of the country for Dow Jones, Wall Street Journal and Barron's. Meanwhile, for an undetermined amount of time, and with a little help from my friends, I will be parachuting primarily into Brazil, Russia, India and China. But will also be on the look out for interesting business stories and investing ideas throughout the emerging markets.

Where The Rich Want To Live

Monte Carlo, Monaco is home to the most expensive prime real estate in the world. But according to a study by luxury real estate consultancy Knight Frank, the world's rich prefre to live in London and New York.

The emerging markets of Asia and Latin America might be where all the world’s growth is heading, but the people that are making the most money off that growth still want to live and invest in Western cities.

London and New York are the two most desirable cities to live and buy real estate, according to the world’s multi millionaires surveyed in The Wealth Report 2012, released this week by luxury property specialist, Knight Frank, and Citi Private Bank in London.

According to their findings, London continues to lead as the most beloved international city for the jet setting rich, for both first and second homes.

European and American cities will eventually be replaced when Chinese cities like Beijing and Shanghai rise up the ranks as places to watch over the next decade. In fact, when asked where the global urban center would be in 2050, experts are convinced it will be Shanghai.

Beijing and Shanghai also lead the list of cities growing in importance most quickly to high net worth individuals, followed by London, Singapore, Hong Kong and New York. This reflects the impact of the flourishing economies of the East, but economic growth alone is not the main reason wealthy people either want to live, or buy properties in those cities. Global appeal, such as the number of Fortune 500 companies with offices there, and quality of life standards such as cultural diversity, relative safety and entertainment are all prime factors involved.

Cities like São Paulo, Brazil, currently ranked 18, is expected to rise in importance not only as home to millionaires, but as a place where millionaires are investing in residential and commercial real estate. Over the years, São Paulo has set itself up as the capital of South American capitalism. That said, Miami is still seen by the South American rich as top choice for second homes and most important city in the world after New York. The city is a growing hub for South Americans doing business in North America.

“If I were to choose one that will join the future list of global cities, I might choose Dalian in north-east China,” says Jim Rogers in The Wealth Report. Rogers, an American, moved to Singapore years ago when he saw it as a hub to the world’s commodities boom. Singapore is the world’s largest port city. “Many would say China’s next great city is Chongqing in the south-west. There are around 30 million people living there and a staggering amount of money is being spent on its development.”

Prime Properties & Their Buyers

Of all the luxury market trends that have played out since the launch of The Wealth Report five years ago, it is the growth of global wealth flows that has done most to shape the leading prime markets. When asked which nationalities will become most important as prime property buyers over the next five years, Chinese, Russian, Middle Eastern, Latin American and those from other growth economies consistently top advisors’ lists.

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